"The global financial crisis exposed the weaknesses of risk management to the
world, and especially the inadequacies of institutions that allowed their risk
management practices to be subverted by the drive for short-term profitability,"
Dr Abel told the conference in Wellington.

While better regulation and policy interventions might help to stabilise
markets, by aiming to reduce excessively risky decisions, ultimately it was the
people involved in the key roles of institutions, their skills and values, that
largely determined the future of the enterprises.

"In the current highly volatile and uncertain operating environment,
risk professionals have to be able to translate developments into tangible
business responses.

"They also have the important job of influencing and guiding others to
make the right decisions. By doing so they can deliver value to their
institutions and society in these challenging times."

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